Posted by Jimmy Song > 2017-11-22 00:57 | Report Abuse

SUBANG JAYA, 21 NOVEMBER 2017 – AWC BERHAD (“AWC” or “the Group”), a well-established engineering services provider announced its first quarter results for the financial year ending 30 June 2018 (“Q1FYE2018”) with revenue of RM66.2 million and profit after tax and minority interest (“PATMI”) of RM5.06 million. First Quarter (Q1FYE2018) vs Corresponding Period Last Year (Q1FYE2017) Q1FYE2018 Q1FYE2017 Revenue 66,204 67,123 1.4% Profit Before Tax (PBT) 8,057 10,101 20.2% Profit After Tax (PAT) 6,330 8,233 23.1% Profit After Tax and Minority Interest (PATMI) 5,063 5,438 6.9% The Group’s Facilities division reported revenue and profit growth of 7.7% and 222.8% respectively to RM31.28 million and RM6.79 million respectively. The top-line improvement can be attributed to the commencement of three new contracts in Putrajaya in August and September 2017. Meanwhile, increase in earnings were mainly due to improved revenue, cost savings on mobilization costs incurred on the new contracts, higher fees (and therefore margin earned) on certain contracts. The environment division reported a decrease in revenue and profits by 7.8% and 58.2% respectively to RM15.09 million and RM2.89 million respectively mainly due to delays of certain projects. These delays are expected to catch up in the ensuing quarters and expected to positively contribute to the Group’s results as it delivers on its existing order book with projects spanning across Malaysia, Singapore and the Middle East. The engineering division reported a decrease in revenue to RM19.83 million and loss of RM1.46 million due to some delays experienced during the quarter. The Group’s balance sheet remained robust with a net cash position of RM62.9 million and current ratio of 2.4x. The Group’s current outstanding orderbook as at 30 September 2017 stood at approximately RM1.1 billion. Annual General Meeting The Group today held its 16th Annual General Meeting (AGM) at Sime Darby Convention Centre, Kuala Lumpur. Shareholders present in person and by proxies approved all the resolutions tabled under ordinary business and special business as set out in the Notice of Annual General Meeting dated 27 October 2017. AWC has also successfully received shareholders’ approval for the Final Single-Tier Dividend of 1.0 sen per ordinary share in respect of the financial year ended 30 June 2017. This translates to a total dividend payout ratio of 24% for the financial year. “The Group has delivered a good quarter to start our new financial year. For the current financial year to date, we have secured RM150 million of new contracts. We have also honored our commitment to reward shareholders with a dividend payout of 1 sen per share. Moving forward, the Board is strongly optimistic of our prospects with a healthy outstanding orderbook which gives a clear earnings visibility in both short and long term.” Commented AWC’s Managing Director & Group CEO, Dato’ Ahmad Kabeer.